Oct. 30, 2023
Addressing Securities and Exchange Commission, I am writing to provide my comments on the proposed rule "Safeguarding Advisory Client Assets." While I appreciate the SEC's efforts to enhance investor protections and address gaps in the custody rule, I have concerns regarding the potential overreach of the regulatory authority. It is important to ensure that the SEC's jurisdiction does not encroach on areas that should be regulated by other agencies. One area of concern is the regulation of digital assets or crypto. Digital assets, such as cryptocurrency, have emerged as transformative technologies in the financial industry. However, the regulatory uncertainties surrounding these assets pose significant challenges. It is crucial for the SEC to consider the unique characteristics of digital assets and strike an appropriate balance between investor protection and innovation. Furthermore, I value my privacy and freedom to make independent decisions about my investments. While the proposed rule seeks to enhance oversight and safeguard client assets, there must also be a recognition of the importance of individual autonomy and privacy. It is essential to ensure that regulations do not overly burden investors or inhibit their ability to make informed financial decisions. In conclusion, I urge the SEC to carefully consider the potential overreach of regulatory authority and the unique challenges posed by digital assets. Additionally, I emphasize the importance of preserving investors' privacy and autonomy. These concerns should be appropriately addressed in the final rule to ensure a balanced regulatory framework. Thank you for considering my comments. Sincerely, John MacNamara